Class Action Lawsuit Filed Against Cano Petroleum, Inc.

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On October 2, 2008, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Cano Petroleum, Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations that the Company issued a series of false and material misrepresentations in its registration statement and prospectus filed with the SEC in connection with its Secondary Public Offering on June 26, 2008.

Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Monday, December 8, 2008, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact:

William B. Federman
FEDERMAN & SHERWOOD
10205 North Pennsylvania Avenue
Oklahoma City, OK 73120
Email to: wfederman@aol.com
www.federmanlaw.com

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